Bitcoin (BTC) Price Analysis: A Quick look at the 1-Hour Timeframe (07-Sep)

2:05 pm, Wed, 7 September 22

Current Bitcoin Data

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What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading around the $18,800 mark and is looking quite bearish on the lower timeframes. As highlighted in our previous analysis, the price has broken below the $19,600 mark and the bears are looking to dominate the market. BTC was trading between the $19K – $20K region for days and has finally broken below it. The price also broke through the $19,200 region, which has acted as strong support for Bitcoin in the past. Let’s take a quick look at the latest Bitcoin charts to see where the price could be headed in the immediate short-term.

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Analyzing the Charts

If we take a look at the latest 1-hour charts for Bitcoin, we can see that the price has found some support at around $18,600 and is trying to bounce off this level.

We will also be keeping an eye on the $19,200 mark as it is a crucial region, and the price might not be above it. The $19,200 mark has acted as strong support in the past months and could be flipped into resistance.

It is also possible that the price will reject the $19,200 mark and drop below $18,600 in the coming hours.

If that happens, the next immediate support we will be eyeing for Bitcoin is the $18,200. It has acted as temporary support in the past, and BTC could consolidate a little here before heading towards the previous bottom at around $17,600.

Conclusion: Final Verdict on Bitcoin (BTC)

Bitcoin is currently trading below the $19K region and is looking quite bearish in the lower timeframes. We can expect the price to go sideways for a little while, but it is likely that it will drop to the $17,600 mark in the near future. We are still standing by and will not be placing any short-term trades on Bitcoin. However, we will be accumulating more Bitcoin on the spot as the price continues to touch these lower levels.

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